June 7, 2019 / 9:42 AM / 12 days ago

Singapore May forex reserves drop to $265.4 bln - central bank data

SINGAPORE, June 7 (Reuters) - Singapore’s foreign exchange reserves fell to $265.42 billion in May, a drop of more than 10 percent from the month before, preliminary data from the central bank showed on Friday.

Foreign exchange reserves stood at $296.81 billion in April.

The Monetary Authority of Singapore had said last month that it would transfer S$45 billion ($33 billion) out of its S$404 billion in foreign exchange reserves to Singapore sovereign wealth fund GIC for longer-term investments. (Reporting by Aradhana Aravindan; Editing by Muralikumar Anantharaman)

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